Bullish files for IPO in the U.S.

Metaplanet, the Tokyo-headquartered Bitcoin corporate treasury firm, has purchased an additional 696 BTC, following a stock split, bringing its total Bitcoin holding to 4,046 BTC.Photo by Kanchanara on Unsplash$341 million in BitcoinThe company publicized details of its latest Bitcoin purchase on X on April 1. It outlined that funding of this purchase was enabled through the allocation of cash held by the firm as a consequence of the sale of put options.  The average purchase price of the 696 BTC was 14,586,230 yen ($97,694). The average price the firm has paid per Bitcoin in relation to its entire holding of the leading digital asset is 12,943,181 yen ($86,689). Its overall Bitcoin holding has a total value of approximately $341 million. Taking to X, the firm’s CEO, Simon Gerovich, said that Metaplanet’s Bitcoin Income Generation business achieved 770 million yen ($5.2 million) in Q1 revenue, while year-to-date its Bitcoin yield has reached 95.6%. Stock split & bond issuanceThis purchase follows both a stock split and the issuance of bonds worth 2 billion yen ($13.3 million). On March 31, Metaplanet filed a disclosure outlining details of the bond issuance. The company issued the zero interest bonds via its Evo Fund. Buyers will be permitted to redeem the newly issued bonds at face value by Sept. 30. In an X post, Gerovich suggested that the bond issuance was being implemented in order to facilitate the company “buying the dip,” taking advantage of a downturn in the Bitcoin unit price over recent weeks. In a notice filed on Feb. 18, Metaplanet outlined details of its 10-to-1 stock split. The company described how it executed a reverse 10-to-1 stock split last August. This has created a problem for investors as in the interim, the stock price has increased significantly. Consequently, the share price is unwieldy, placing a substantial financial burden on investors. On that basis, the latest stock split will enable greater investor accessibility and improved liquidity. Arising from that, Metaplanet expects that it will gain a broader investor base. On March 30, Gerovich reported that Metaplanet stock is now a component within Betashares’ Crypto Innovators ETF. Betashares is an Australian asset manager with over $50 billion in assets under management.  The Metaplanet CEO suggested that the development pointed towards “growing interest from institutional investors,” while expressing his satisfaction with Australians now having access to Metaplanet’s Bitcoin First Strategy via the Australian Securities Exchange (ASX). The ‘Asian MicroStrategy’Metaplanet is being regarded by many industry commentators as the “Asian MicroStrategy,” referring to the American Bitcoin treasury firm that recently rebranded to Strategy, having pioneered a particular approach to building a position in Bitcoin within a corporate treasury. Metaplanet appears to have adopted the same Bitcoin playbook. In an appearance on the Coin Stories Podcast recently, Metaplanet’s Gerovich said that he encourages his friends to put “100% of their net worth into Bitcoin.” Last month, the company confirmed that it was pursuing a strategy to accumulate 10,000 Bitcoin in 2025 and 21,000 Bitcoin by 2026. The firm is now ranked ninth in the world as a corporate Bitcoin holder. Within Asia, it is the leading corporate holder of the world's largest digital asset.

Bahrani Bank Launches JPM Coin PaymentsBank ABC, headquartered in Bahrain, has become the first Middle Eastern bank to offer faster cross-border payment solutions for corporate and financial institutions using JP Morgan’s Onyx Coin Systems.Photo by Satheesh Cholakkal on PexelsCentral bank collaborationThis blockchain-based permissioned system, housed within JP Morgan’s Onyx platform, aims to enhance the efficiency and speed of international payments. The introduction of the blockchain-based payment service by Bank ABC follows a closely coordinated effort with the Central Bank of Bahrain (CBB), demonstrative of the interest of both institutions in embracing cutting-edge financial technology.Central Bank of Bahrain Governor Rasheed Al Maraj praised the collaboration, stating:“After working closely with JP Morgan and Bank ABC over the past two years to experiment with cross-border commercial transactions between Bahrain and the US, leveraging the JP Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank.”Embracing innovation and digitalizationThe initiative aligns with the CBB’s strategic vision to embrace innovation and digitalize the kingdom’s financial services sector. By eliminating inefficiencies in traditional cross-border payment systems, this solution aims to facilitate trade between Bahrain and the US, with the ultimate aim of stimulating greater economic activity.Bahrain has been demonstrating more recently a desire to move away from its oil-based economy and embrace blockchain technology as part of that diversification. Bank ABC Group CEO Sael Al Waary stated that it was playing a role as a key enabler of Bahrain’s vision for a digital economy.He expressed gratitude to the Central Bank of Bahrain for its support and leadership and recognized JP Morgan for its pivotal role in advancing cross-border payments. The bank’s CEO outlined the organization’s commitment to introducing innovative products and highlighted the benefits of the JP Morgan Coin Systems service. He explained:“Offering high-value cross-border payments via the JP Morgan Coin Systems service allows us to reduce traditional settlement periods considerably and be more cost-effective for our clients.”Naveen Mallela, Global Head of Onyx Coin Systems at JP Morgan, underscored the significance of the launch, stating: “Bank ABC has been one of the earliest adopters of the JPM Coin offering, and we are delighted to launch the first-of-its-kind commercial payment offering between JP Morgan and Bank ABC using distributed ledger rails.”Enabling cross-border transactionsThe service enables cross-border commercial transactions to occur instantly and with certainty between Bahrain and US corridors. While initially launched with USD and specific locations, the roadmap includes plans for additional locations and currencies, with the euro notably on the horizon. Furthermore, the introduction of programmable payment offerings will empower mutual corporate clients to execute event-driven and automated payouts, enhancing dynamic and real-time treasury management.The launch of this service is a pivotal step in Bank ABC’s digital transformation program, aimed at future-proofing and diversifying the bank’s offerings with the latest banking innovations. The initiative reinforces the bank’s undertaking to provide cutting-edge financial services while contributing to the evolution of Bahrain’s digital economy.As financial institutions across the world continue to explore the potential of blockchain and distributed ledger technology, Bank ABC’s collaboration with JP Morgan sets an example for others in the Middle East to evaluate.

Japanese Games Publisher Suspends Metaverse DownloadsJapanese video game publisher Bandai Namco has taken the step of temporarily suspending downloads of its recently unveiled Gundam Metaverse, raising questions and concerns about a potential major leak within the project.In an official announcement on Thursday (local time), the company expressed regret over the temporary suspension of client file downloads, stating that the firm is sorry that downloading the client files for the Gundam Metaverse has been temporarily suspended.Photo by Jason Ng on UnsplashRecent game releaseGundam Metaverse was launched with the collaborative intention of Bandai Namco and Gundam fans, aimed at creating a community that contributes to future Gundam projects. The sudden halt to downloads came as a surprise, given that the game was released just this month.The Gundam Metaverse was initially slated to be open for a limited time in Japan and the US. It featured an “Early Access” phase for a select number of users, which commenced on October 6, followed by the “General Access” phase available to the public starting on October 12.During this time, visitors had the opportunity to immerse themselves in a 3D world inspired by the iconic Gundam anime. The virtual world included a store offering six distinct Gundam Plastic models, commonly known as Gunpla, and a space for digital live performances by artists affiliated with the Gundam series.Suspected design file flawsBandai Namco has remained tight-lipped about the reasons behind the decision to cease downloads, leaving fans and observers speculating about potential issues with the project. Speculation was further fueled by rumors that circulated online, suggesting that the game’s downloads contained unencrypted design files related to specific models from “Gundam SEED Freedom.”These rumors began circulating as early as mid-September when a Weibo user claimed to have shared images of the “Freedom Gundam” and “Justice Gundam” designs, scheduled to make their debut in “Gundam SEED Freedom.” This upcoming animated film is produced by Bandai Namco Filmworks and directed by Mitsuo Fukuda, with a release date set for January 26 next year, marking the 20th anniversary of the Gundam SEED franchise.Given that Gunpla models were set to be released in tandem with the film’s screening in January, the alleged leak of design files would be a substantial concern for Bandai Namco.Hong Kong news outlet HK01 reported:“There were a large number of 3D model CAD [computer-aided design] files of Gundam models hidden inside [a download], including 2024-only 3D model CAD files.”Metaverse visionBandai Namco set out its metaverse vision in March 2022 when it provided initial details on what it termed back then as its “Gundam Metaverse Project.” The project involved an outlay of $130 million for the company to get it off the ground.At the time, Bandai Namco saw its entry into the world of the metaverse as an opportunity for it to be “connected with fans,” becoming a hub so that those connections could run more deeply and broadly and result in greater enjoyment for IP fans, partners, group employees, and society worldwide.Bandai Namco’s decision to halt downloads remains a topic of intrigue that has left Gundam fans and industry observers eagerly awaiting further developments and clarifications from the gaming giant.